Economic Organizations and Economic Systems

Positive and normative study of the organizations that comprise and the institutional structures that characterize a modern mixed market economy. Theoretical efficiency and potential limitations of private enterprises and markets including (a) why some market actors are organizations (e.g., companies), (b) effort elicitation problems in organizations, (c) the problem of cooperation in traditional versus behavioral economics, and (d) alternative kinds of organization (including proprietorships, corporations, nonprofits, government agencies). Roles of government, and problems of government failure, including the collective action problem of democracy. State-market balance and contemporary controversies over the economic system in light of the 2008 financial crisis.